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<br />88-
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<br />103887
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<br />UNIFORM COVEN"'NTS. Borrower and Lender covenanl and agree as foliows:
<br />I. Payment of Principal BOd Interest; Prepayment and Late Charges. Borrower shall promptly pay when due
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and lale charges due under the Note,
<br />2, Funds for Taxcs IJIlI Insurance. Subject to applicable law or to a written waiver by lender. Borrower shall pny
<br />to Lender on the day monthly payments are due under the Note, until the Note is paid in full, n sum ("Funds") equnllO
<br />one-twelfth of: (a) yearly taxes and assessments which muy attain priority over this Security Inslrumenl; (b) yenrly
<br />leasehold paymenls or ground rents on the Property, if any; (cl yearly hazard insurance premiums; and (d) yenrly
<br />mortgage insurance premiums, if any. These items are called "escrow items." lender may estimale Ihe Funds due on the
<br />basis of current data and rca.'iOnable estimates offulure escrow items,
<br />The Funds shall be held in an institution the deposits or &CcounlS of which arc insured or guarnnteed by a federal or
<br />Slate allency (including Lender if Lender is such un inslitution), lender shall apply thc Funds to pay the escrow ilcms.
<br />Lender may not charge for holding and applying the Funds, analyzing tbe account or verifying the escrow ilems. unless
<br />Lender pays Borrower interest on tbe Funds and applicable law pennits lender to make such a chargc, Borrower and
<br />Lender may a!lree in writing that interest shall be paid on the Funds, Unless an agreement is made or applicable law
<br />requires interest to be paid, lender shall not be reqUired to pay Borrower any interest or earnings on the Funds. lender
<br />shall give to Borrower, without charge, an annual accounling of the Funds showing credits and debits to Ihe Funds and Ihe
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security Jor the sums secured by
<br />this Sc:curity Instrument.
<br />If the amount of the Funds held by Lender. together with the future monthly payments of Funds payable prior to
<br />the due dates of the escrow items. shall exceed Ihe amount required to pay the escrow items when due. the excess shall be,
<br />at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds, If the
<br />amOUnl of the Funds held by Lender is not sufficient to pay the escrow items when due. Borrower shall pay to Lender any
<br />amount necessary to make up the deficiency in one or more payments as required by lender.
<br />Upon payment in full of all sums secured by Ihis Sc:curily Instrumenl. Lender shall promptly refund to BorfClwer
<br />any Funds held by lender. 'funder paragraph 191he propeny is sold or acquired by lender, lender shall apply. no laler
<br />than imme<halely prior 10 the sale of the I'ropeny or its acquisition by lender. any Funds held by Lender atthl' lime of
<br />application as a credil against the sums secured by t his Security Insl rumcnl.
<br />3. Appllc:atloa or Payments. Unless applicable law provides olherwise, all paymenls received by lender under
<br />paragraphs I and 2 shall be applied: fi..l.lo laIC charges due under the NOle; second. to prepayment charges due under the
<br />Note; Ihird, to amounls pa~'able under paragraph 2: fourth, 10 inlerest due; and last, 10 principal due,
<br />4. OIarges; Unu. Borrower shall pay all taxes. assessments. charges. fines and impositions auribulable 10 the
<br />Propeny which may attain prionty m'er this Securily Instrument. and lea'iChold payments or ground rcnlS. if any,
<br />Borrower shall pay Ihese obligalions tn the manner provided in paragraph 2, or if not paid inlhal manner. Borrower shall
<br />pay them on lime directly to the per>on owed payment. Borrower shall promptly furnish to Lender all notices of amounts
<br />to be paid under Ihls paragraph. If Borrower makes these paymenls directly. Borrower shall promplly furnish 10 lender
<br />receipt~ eVldenetng the paymenls,
<br />Borrower shall promptly discharge any hen which has pnonty over IhlS Seeurity Inslrumenl unless Borrower: (a)
<br />agn:es tn wriling to Ihe payment of Ihe obligallon !oCCured by the lien tn a manner acceplable to lender; (b) eOlllests in good
<br />faith Ihe lien by. or defend. against enforcement of the lien in. legal proceedings which in Ihe Lender's opinion operate to
<br />prevent Ihe enforcement of the lien or forfeiture of any pan of Ihe Propeny; or (c) secures from the holder of the lien an
<br />agreement satisfactory 10 Lender subordinating Ihe lien to this Sc:curily Inslrument. If lender delennines Ihlll any part of
<br />the Property is subJ~1 to a hen which may attain priority over Ihis SeeurilY Instrument. lender may gh'e Borrower a
<br />notice identifying the lien. Borrower shall salisfy the lien or take one or more of Ihe actions set fonh above wllhin 10 days
<br />of the giving of nOlice,
<br />S. Huard I_noce. Borrower shall keep lhe Improvements now e5isllng or hereafler erecled on the Propeny
<br />insured againstlos.s by fire. hll7.ards included within the term "extended coverage" and any olher ha7.ards for which lender
<br />requires insurance, This insurance shall be maintatned tn Ihe amounts and for Ihe periods thaI lender rcquir~'S, The
<br />insurance carrier proVIding I he tnsurance shall be chosen by Borrower subject to Lender's approval which shall nol be
<br />unreasonably wilhheld.
<br />All insurance pohcles and renewals shall be acceptable to lender and shall include a standard mortgage clause.
<br />Lender shall hne the nghl 10 hold the polici", and renewals, If Lender requires. Borrower shall promptly give 10 Lender
<br />all receipts of paid premIums and renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance
<br />carrier and Lender. Lender may makr. proof ofloss if not made promptly by Borrower.
<br />Unlas Lender and Borrower otherwise agree in writing. insurance proceeds shalloe apphed to restoralion or repair
<br />of the Propeny damaged. if the restoration or repair is economically feasible and Lender's secunly is not lessened, If the
<br />l'C5Ioralion or repair" not economically feasible or Lender's security would be lessened. Ihe tnsurance proceeds shall be
<br />applied to Ihe .ums secured by this Sc:curity Instrumenl. whether or nO! then due. with any excess paid to Borrower. If
<br />Borrower abandons the Propeny', or does not aus....er ....ithin 30 days a notice from Lender Ihatlhe insurance carrier has
<br />oI'eftd 10 Idtle a claim. then Lender may collect the insurance proceeds, Lender may use Ihe proceeds 10 repair or restore
<br />the Proprrty or to pay sums secured by tbis Sc:curity Inslrument. ....hether or not then due, The 30-day period will begin
<br />when the nOlia: is gIven,
<br />Unless Lender and Borrower otherwise agree in wriling, any application of proceeds to principal shall not extend or
<br />postpone Ihe due date ofthe monthly payments referred to in paragraphs I and 2 or change Ihe am Dun I of the payments. If
<br />under paragraph 19 the Propeny is acquired by Lender, Borrower's right to any insurance policies and proceeds resulllng
<br />from dama!'.~ I') !he Propeny prior 10 the acquisition shall pass 10 Lender 10 the c-~Ienl ofthc sums secured by this Seeuril)'
<br />Instrument immedialely priGr 10 Ihe aequisilion,
<br />6. PraenatioD lUld MaiJltmance of Property; Leaseholds. Borrower shall nol desl roy'. damage or substanllall)
<br />chsnge Ibe Propeny. allo.... the Propeny 10 deteriorale or commit waslC- If this Securily Inslrument " on a leasehold.
<br />Borrowersball comply witb the provisions of the lease, and if Borrower acquires fee tllle 10 the I'roperly.lhe leasehold and
<br />fee title shall not merge unless Lender agrees to the merger in writinl\.
<br />7. Protedioa of Leader'a Rip.. in tbe Property; l\tortpge Ill!iurance. If Borrower falls 10 perform Ihe
<br />covenants and agreements contained in this Security Instrument. or there is a legal proceroUlg thai 111:1) "glllftcant Iy' affecl
<br />Lender', rights in the Property (wch as a proceeding in bankruptcy. probale. for condemnalllln or In enfOl'l'e law' or
<br />rquiations), then Lender may do and pay for whatever is necessary to prolecllhe ,'alue of Ihc !'rllperll :lnd I.~nder', nghl'
<br />in lhe Propeny. Lender's actions may include paying an)' sums secured by' a hen wh,dl ha' pnlln'l "'e' ,h" ",,"unl)
<br />Instrument. appearing in ~-oun. paying reasonable allomcys' fees and enlering onlhe I'ropen) ". fI1:1KC repair' ,\Ilth.ugh
<br />Lender may tale action under Ihi.. paragraph 7. Lender does nol have 10 do so.
<br />Any alflOunts disbursed by Lender under Ihis paragraph 7 shall become addlllonal dol" "f nnn,.... e' "....urnl "l It",
<br />Security InstruDmlI. Unleg Borrower and Lender agree to other tenn' of pal'ment. th""e amount, ,hall "'--:II ,nlcrl...1 1''''111
<br />lbe dale of diobunement at the Note rale and ,hall be payable. "'lIh mter""l. upon nOlll'C 1'..'11' I end.,. 'n tlllnll,..r
<br />n:queslmg paynlent.
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